Companion Animal Medicine Market Size to Worth Around US$ 40.8 BN by 2030

The global companion animal medicine market size is expected to be worth around US$ 40.8 billion by 2030 from valued at US$ 16.8 billion in 2020, growing at a CAGR of 10.6% from 2021 to 2030.

Increasing prevalence of diseases in pets, rising pet expenditure, humanization of pets, adoption of online channels for buying pet medicines, and initiatives by key companies are the factors anticipated to fuel the market in the coming years. According to a 2021 article in the BMC Veterinary Research Journal, for instance, the prevalence of dental disorders diagnosed in dogs in the U.K. was found to be 14.10% and skin disorders were found to be 12.6%.

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The rising number of pets across the globe, the trend of pet humanization has gained traction in several key markets. Pet parents are becoming increasingly aware of their pet’s health, treatment, and wellbeing. This has increased the adoption of pet insurance to reduce the financial risks for pet parents. Petplan- the largest pet insurance provider in the U.K. offers insurance policies for various species including dogs, cats, horses, small mammals, birds, reptiles, rabbits, and multi-pet owners.

Report Coverage

By Animal Type Analysis

The dogs segment dominated the market and accounted for the largest revenue share of 45.0% in 2020. The segment is also anticipated to witness a lucrative CAGR in the coming years. This is owing to the high popularity of dogs as pets, the rising prevalence of canine diseases, and the availability of numerous medicines for pets.

By product, the pharmaceuticals segment dominated the market and accounted for a revenue share of over 59.0% in 2020. This is due to the availability of a large number of companion animal pharmaceuticals and the rising demand for parasiticides and other products for commonly occurring infections in pets.

By indication, the canine distemper segment accounted for the largest revenue share of 31.0% in 2020. The disease is potentially lethal and highly contagious. Increased awareness amongst pet owners and availability of various treatment options are the key contributing factors for the segment’s largest market share.

By distribution channel, the hospital pharmacy segment held the largest revenue share of about 50.0% in 2020. The large share of the segment can be attributed to pet parents opting for veterinary hospitals for the treatment of their pets thus making hospital pharmacies primary centers for buying the prescribed medications.

By Regional Analysis

North America held the largest revenue share of about 36.0%. This was owing to initiatives by the government and private sector, rising adoption of pet insurance, and the presence of key companies.

In Asia Pacific, the market is anticipated to witness the fastest CAGR of about 10.0% during the forecast period. The factors attributable to this growth include the growing pet population, the presence of local players, and an increasing number of vet clinics and hospitals.

Key Players

• Merck & Co., Inc.
• Ceva
• Vetoquinol S.A.
• Zoetis
• Boehringer Ingelheim International GmbH
• Elanco
• Virbac
• Bimeda, Inc.
• Norbrook
• Calier

Market Segmentation

• By Animal Type
  • Dogs
  • Equine
  • Cats
  • Others
• By Product
  • Vaccines
  • Pharmaceuticals
    • OTC
    • Prescription

• • Feed Additives
  • Diagnostics
  • Others
• By Distribution Channel
  • Retail
  • E-commerce
  • Hospital Pharmacies
• By End-use
  • PoC/In-house Testing
  • Veterinary Hospitals & Clinics
  • Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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